Welcome to our dedicated page for Exxon Mobil Corporation news (Ticker: XOM), a resource for investors and traders seeking the latest updates and insights on Exxon Mobil Corporation stock.
Exxon Mobil Corporation, trading under the symbol XOM, is an American multinational oil and gas giant, and the largest direct descendant of John D. Rockefeller's Standard Oil. As an integrated oil and gas company, ExxonMobil is involved in the exploration, production, and refining of oil worldwide.
In 2023, ExxonMobil reported daily production of 2.4 million barrels of liquids and 7.7 billion cubic feet of natural gas. By the end of the same year, the company's reserves stood at 16.9 billion barrels of oil equivalent, with 66% comprising liquids. The company also boasts a global refining capacity of 4.5 million barrels of oil per day, making it one of the largest refiners and a leading manufacturer of commodity and specialty chemicals.
ExxonMobil continuously engages in numerous projects and partnerships aimed at maintaining and enhancing its operations. The company's financial health remains robust, supported by its extensive reserve base and large-scale operations across various segments of the oil and gas industry.
For more detailed and up-to-date information on ExxonMobil's latest news and developments, visit the StockTitan website.
ExxonMobil (NYSE: XOM) and LG Chem have signed a non-binding MOU for a lithium carbonate offtake agreement of up to 100,000 metric tons. The lithium will be supplied from ExxonMobil's planned U.S. project to LG Chem's Tennessee cathode plant, expected to be the largest in the U.S. with an annual capacity of 60,000 tons. The project will utilize Direct Lithium Extraction (DLE) technology, promising approximately two-thirds less carbon intensity than hard rock mining. The final investment decision depends on establishing commercially competitive regulatory frameworks.
Imperial Oil has declared a quarterly dividend of 60 cents per share for the fourth quarter of 2024, maintaining the same level as the third quarter. The dividend will be payable on January 1, 2025, to shareholders of record as of December 3, 2024. As Canada's largest petroleum refiner, Imperial has maintained a consistent dividend payment record for over 100 years, with 30 consecutive years of annual dividend increases.
Imperial reported Q3 2024 net income of $1,237 million, down from $1,601 million in Q3 2023. The company achieved record upstream production of 447,000 gross oil-equivalent barrels per day, the highest third quarter in over 30 years. Kearl production matched its highest-ever Q3 at 295,000 barrels per day. Cold Lake production reached 147,000 barrels per day, boosted by Grand Rapids project. Refinery utilization was 90% amid planned turnarounds. The company returned $1,528 million to shareholders through $322 million in dividends and $1,206 million in share repurchases.
ExxonMobil (XOM) reported third-quarter 2024 earnings of $8.6 billion, or $1.92 per share. The company achieved its highest liquids production in over 40 years at 3.2 million barrels per day and delivered record high-value product sales volumes, up 10% year-to-date. Cash flow from operating activities was $17.6 billion with free cash flow of $11.3 billion. The company returned $9.8 billion to shareholders and increased its fourth-quarter dividend by 4% to $0.99 per share. Year-to-date earnings were $26.1 billion, down from $28.4 billion in 2023, mainly due to lower refining margins and natural gas prices.
ExxonMobil (NYSE: XOM) has announced the release date for its third quarter 2024 financial results. The company will issue a press release on Friday, November 1, 2024, at 5:30 a.m. CT, available at investor.exxonmobil.com. A live conference call will be held at 8:30 a.m. CT, featuring:
- Darren Woods, Chairman and CEO
- Kathy Mikells, Senior VP and CFO
- Jim Chapman, VP, Treasurer and Investor Relations
Investors can access the call via webcast or by calling (877) 400-0505 (Toll-free) or (786) 789-4835 (Local), using passcode 3923895. An archive replay and presentation materials will be available on the investor website after the call.
Imperial Oil (TSE: IMO, NYSE American: IMO) has announced its upcoming 2024 Third Quarter Earnings Call, scheduled for Friday, November 1. The call will be hosted by Brad Corson, chairman, president and CEO, and Peter Shaw, vice-president of investor relations, following the company's third quarter earnings release that morning.
The event will begin at 9 a.m. MT and will be accessible via webcast. Mr. Corson will provide brief remarks before taking questions from Imperial's covering analysts. The webcast will be available for one year on the company's website. In case of technical difficulties with the EDGAR system, investors are advised to check Imperial's website or Canada's SEDAR+ system for the earnings information.
ExxonMobil has secured the largest offshore carbon dioxide (CO2) storage lease in the U.S., covering over 271,000 acres in Texas state waters. This agreement with the Texas General Land Office (GLO) complements ExxonMobil's onshore CO2 storage portfolio and strengthens the U.S. Gulf Coast's position as a carbon capture and storage (CCS) leader.
The lease will directly benefit the Texas Permanent School Fund, enhancing education for Texas children while reducing emissions and promoting community development. ExxonMobil, which operates the largest CO2 pipeline network in the U.S., is well-positioned to leverage its infrastructure and storage space to deliver an end-to-end CCS solution.
This move aligns with ExxonMobil's commitment to CCS and its growing roster of customers ready to deploy the technology, driving substantial emissions reductions along the Gulf Coast.
Texas Pacific Land (NYSE: TPL) has announced the acquisition of Permian oil and gas mineral and royalty interests for $286 million in cash. The acquisition spans approximately 7,490 net royalty acres (NRA), primarily in the Midland Basin, with over 80% adjacent to or overlapping existing TPL surface and royalty acreage. The assets have a current production of about 1,300 barrels of oil equivalent per day (78% liquids).
Key points:
- Exxon Mobil and Diamondback Energy operate approximately 66% of the acreage
- Twelve rigs currently running on the footprint
- Expected to generate a double-digit cash flow yield in the next twelve months
- Over half of the Drilling and Spacing Units have development, offering growth potential
- Acquisition aims to enhance TPL's free cash flow per share and increase shareholder return of capital
ADNOC has agreed to acquire a 35% equity stake in ExxonMobil's (NYSE: XOM) proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. The facility, expected to be the world's largest of its kind, aims to produce up to 1 billion cubic feet of low-carbon hydrogen daily and over 1 million tons of low-carbon ammonia annually, with 98% of CO2 removed. This strategic partnership supports both companies' net-zero ambitions and aims to accelerate decarbonization in hard-to-abate sectors. The project, contingent on regulatory approvals, anticipates a final investment decision in 2025 and startup in 2029. It promises substantial economic benefits for Baytown, the Houston area, and Texas, creating U.S. jobs and supporting community development initiatives.
ExxonMobil (NYSE: XOM) has announced that Dan Ammann, President of Low Carbon Solutions, will participate in a fireside chat at Barclay's 38th Annual CEO Energy-Power Conference. The event is scheduled for September 5, 2024, at 8:00 a.m. ET in New York.
Interested parties can access the live webcast through a provided link. For those unable to attend, an archived audio recording of the webcast will be made available on the ExxonMobil website approximately 24 hours after the event concludes.
This presentation at a major energy conference suggests ExxonMobil's continued focus on low carbon solutions and their commitment to engaging with investors and industry leaders on this topic.
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